Wildfires in Western Canada threaten oil production - May 31

[dan_s]

Any severe disruption in Alberta's oil production will tighten North American supply, raise prices, and could force U.S. refiners to source costlier supplies elsewhere. Something to certainty keep an eye on, as per what Goldman's Wijaya noted, mainly because the summer driving season has kicked off.

Goldman energy analysts, led by Adam Wijaya, are closely tracking wildfires in Alberta, where over half a million barrels per day of crude production are at risk.

"Good morning and happy Friday! Coming in this morning to see Brent at $64/b and WTI at $61/b… quiet on the macro front this morning for the most part, with most of the focus on (a) monitoring progression of Alberta Wildfires (number is now above 50… 28 considered out of control from 24 prior, with 19 under control)," Wijaya told clients.

The latest data from Bloomberg shows that 29 out-of-control fires are raging 12 miles from massive oil sands well sites that produce 459,000 barrels of oil daily.

Read more details here:
https://www.zerohedge.com/commodities/alberta-wildfires-threaten-oil-sands-output-energy-experts-closely-monitoring-inferno